Wells Fargo cuts 700 employees, including 203 in the Twin Cities, as demand for mortgages declines.

Wells Fargo & Co. said Wednesday that it is cutting 700 employees, including 203 in the Twin Cities, as demand for mortgages continues to shrink.

The San Francisco-based bank said it notified affected employees Wednesday, and that almost all of them work at the Wells Fargo Home Mortgage campus in south Minneapolis. Some work elsewhere in the Twin Cities.

The cuts follow scattered layoffs in the Twin Cities in January in which Wells Fargo laid off fewer than 30 mortgage-related workers.

We currently expect mortgage origination volumes to decline in first quarter 2014, reflecting seasonality in the purchase market and lower [refinancing] volumes, bank spokeswoman Peggy Gunn said in an e-mailed statement.....

Got divorced 5 years ago; am beginning to see the light of day again when it comes to my finances. I had to refinance then, to buy out my ex, which gave me both a lower payment and a lower interest rate. Timing was everything! Hanging on to my farm was the smartest thing I did, that’s for sure.

Of course, I’ve been lucky in that I HAVE marketable skills and will do just about any LEGAL thing for a buck, LOL!

My heart does go out to those who have lost jobs in the 0bamaEconomy and have lost their homes. I know a number of local Dems (I’m surrounded!) who have been hurt badly by these SOCIALISTS. And yet, they re-elected him. I don’t get it...

Nor do I, we have several in Memphis a whole family and they are all Dems, all black, all crooks, drunks, etc. 1 former state senator of over 20 yrs finally got caught taking vote bribes on video, His DRUNK sister now holds the slot. And John we’ll vote you back in when you get out of the federal pen.

Duke University: 44% of U.S. firms consider cutting health care to current workers

This is Wells Fargo getting out in front of the runaway inflation they know is going to be allowed right down the road. Once Jimmy Carter double-digit interest rates hit mortgage applications and refinance will dry up like the Mojave.

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